"The completion of trend reversal formations at 2,615 points has forced us to close our (short) position earlier than we had planned. Now we are looking for the next opportunity to enter the market," MENA Corp says in a research note.

Technical analysis suggests the index has found support over the past week around the 100-day average, now at 2,614 points. Today's rise triggers a minor bullish right triangle with its top at 2,620 points; this points the index up in coming days to at least test resistance around 2,640 points, where the market bottomed in mid-October and late November.